China's Zhengzhou Commodity Exchange said it will promote the introduction of qualified overseas traders in the trading of cotton futures.
The exchange listed the goal in a recently-issued white paper on cotton futures.
As the world's largest producer, consumer and exporter of textile, China listed cotton futures on the exchange in June 2004 to help cotton-related enterprises hedge the price risk. Since 2004, a daily average of 144,000 lots (5 tonnes per lot) have been traded.
There was a meeting last week of all Surat power loom co-operatives and job workers involving hundreds and thousands of workers where they have proposed to reduce daily operating shifts from three to two. Many employees are also starting to go on leave. Reducing shift means fall in production. A leading composite mill executive said that post GST, there was a fall in a third of Surat synthetic fabric production.
The market for purified terephthalic (PTA) is likely to witness noticeable expansion in the coming years with the growing demand for polyester, specifically in China. Purified terephthalic acid (PTA) is a chemical which is synthesized from crude oil and majorly used to manufacture polyester fiber.
Several growth factors such as growing per capita consumption in emerging regions such as China and significant growth of the textile industry is expected to boost the demand for the PTA market.
Mitsubishi Chemical Holdings plans to sell off its Chinese and Indian operations of terephthalic acid (PTA), the primary raw material used to manufacture various polyester products, amid profitability concerns in light of a persistent glut of the acid.
Kenya and India do not have a Preferential Trade Agreement (PTA). So, for Kenya to have duty access to India and vice versa, a Preferential Trade Agreement would be required. Such an agreement would lower or remove duties and enhance access of goods and services between the two countries or regions.
All Pakistan Textile Mills Association Chairman Tariq Saud at an emergent meeting of the member mills held at the Punjab office of the Association to review the import statistics of the Man Made Fiber yarn for domestic consumption demanded of imposing 15 percent Regulatory Duty on the import of Man-made fibers, as it increased by four times in last four years and likely to reach to 57000 tones per annum by the end of 2015-16.
Export potential for synthetic yarn in the Indian industry is seeing a sharp decline again with the dwindling Chinese economy. The recent market crash in China has a lot to do with bleak outlook of domestic production in almost all sectors including textiles. Units in China have been cutting down production due to decline in the world's buying capacity for textiles. This has resulted in synthetic yarn exports, especially texturised yarn falling steeply, said Jayesh Pathak of Bombay Yarn Traders Association.
India misses the clothing cut in consequence of inadequate incentives, excessive emphasis on cotton fibre and handlooms by the government, flip-flop in raw material policy, faulty duty structure in the man-made fibre segment where imports of certain raw materials (like PTA) are taxed higher than those of finished products and inflexible labour laws.
India has dropped anti-dumping investigation against China and the European Union for import of purified terephthalic acid, thus opening up doors for non restricted import. Shipments of purified terephthalic acid from China to India have resumed following the revocation. It is learnt that about 25,000-30,000 ton of purified terephthalic acid has been booked from China for April heading towards India, an Indian trade source said in mid April.
